Friday, November 3, 2017

We should complete the corrections today

It has been a tough old corrective structure. However, we have limited room and not much to go to before we finally complete the retracements. It should happen today and once seen the outlook will take on a stronger follow-through.

It will see USDJPY – most likely – in an expanded flat while USDCHF appears to be setting itself up for a modestly firm trending move. Equally, EURUSD just needs another 3-wave move before it can reverse.

The painful part of yesterday was the failure of GBPUSD to break above 1.3337. It was then that I realised my mistake. However, we can still take advantage along with EURUSD and the other two majors.

We probably have a limited upside in AUDUSD and a final move higher in AUDUSD.

Basically, look to set yourself up for the reversals…

Have a great weekend
Ian Copsey  

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